Manchester United expect bids will be submitted next week to take over control of the club from the Glazers, according to reports.
However, co-chairmen Avram and Joel Glazer are likely to be disappointed as formal offers are set to fall some way short of their asking price of between £6billion and £8bn. Initial bids are likely to be in the region of £4bn and there is interest from the United States, the Middle East, Asia and nearer home.
Sir Jim Ratcliffe, the richest man in Britain, is the early favourite to take over at Old Trafford after confirming he had begun the process of attempting to acquire the club. The Raine Group, an American investment bank, is coordinating the sale for the Glazer family, who bought United in a contentious £790million leveraged takeover in 2005.
The American tycoons announced the club are up for sale last November, stating they were exploring "new investment into the club, a sale, or other transactions". This prompted a sharp rise in United's share price, with the club valued at £3billion on the New York Stock Exchange, meaning a bid in the region of £4bn would be reasonable for a full takeover.
However, the Mail on Sunday claims the Glazers are hoping to generate up to £8bn from the sale, perhaps hoping that a bidding war breaks out between the many interested parties. The report notes that the likes of Ratcliffe and Qatar Sports Investments, the firm which owns Paris Saint-Germain, could be put off if the Glazers are unwilling to reach a compromise.
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Qatar Sports Investments is also believed to be interested in a full or partial takeover of United's arch-rivals Liverpool, whose owner, Fenway Sports Group, announced it was open to new investment last November. The Mail on Sunday adds that talks over a takeover at Old Trafford are far more advanced than those at Anfield.
The Red Devils have also received higher indicative bids than Liverpool, with Avram Glazer working hard to market the club to potential buyers. The 62-year-old reportedly flew to Qatar during the World Cup to hold informal meetings over a takeover, while United also opened a shop in the Swiss Alps during the recent meeting of World Economic Forum.
The Raine Group organised the sale of Chelsea last year, with Todd Boehly taking over from Roman Abramovich at Stamford Bridge in a £4.25bn deal. The deal to wrest control of United could follow a similar timetable, which would see interested parties sign up to see private financial paperwork and commit to undertaking due diligence before lodging a formal bid.
The Raine Group will then assess and pick which offers to take forward to the next stage. Ratcliffe, who failed with a late bid to buy Chelsea last year, is the only bidder to have publicly outlined his desire to buy United.
